Jitesh

Dec 20, 2013 15:15 IST

The Cabinet Committee on Economic Affairs (CCEA) on 20 December 2013 approved the sale of Natural Gas from D1 and D3 Gas fields at revised prices on the basis of Bank Guarantee. CCEA approved Natural Gas Pricing Guidelines 2013 on 27 June 2013 based on the recommendations made by C. Rangarajan Committee for fixation of price of domestically produced natural gas for a period of five years with effect from 1 April 2014.

After detailed examination and deliberations CCEA in its meet decided:

• No change needs to be made in the earlier decision of CCEA on including spot prices in computation of gas price• Cap or floor on gas prices is not required to be stipulated in the new formula.• The Contractor would be to allowed to sell D1/D3 gas at the revised price from 01 April 2014. This sale would be permitted on the basis of a Bank Guarantee (BG) by RIL in favour of the Government.

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